A life sciences consultancy that specialises in optimising drug development for small groups of patients has opened a Newcastle office with plans to create 10 jobs.
Coronado Research has launched a base in the The Stamp Exchange building near Central Station and says it expects significant expansion of the next five years. The Kent-based firm chose Newcastle over several other locations in contention, due to the city's universities and its complement of health and life sciences companies working across therapeutics, diagnostics, and clinical innovation.
The company initially plans to hire up to 10 highly skilled market access and health economics professionals in the first year of the Newcastle operation, before hopes it can grow the regional base further.
Coronado was founded last year following CEO Andrew MacGarvey's encounter with a parent whose daughter has an ultra-rate genetic condition. The parent has been raising money to fund advances in science they hope can provide a cure for the condition, and to create a sustainable pipeline for ultra-rare disease treatments.
Mr MacGarvey decided to launch the consultancy in response to what is referred to as the "blockbuster model" of drug development which favours larger, more lucrative routes versus the need for specialised treatments, sometimes for very few patients. Coronado is set up to develop new models for personalised medicines, using experts in technology, artificial intelligence and machine learning, analytics, regulator and market access alongside clinicians and researchers.
Mr MacGarvey said: "I am delighted to be opening an office in Newcastle, a major milestone for us. The location is ideal for us given the quality of the universities and the concentration of life sciences activity in the region. Our Newcastle team will bring a unique approach to market access and help Coronado deliver against its mission to join the dots between the approval and commercial sectors - ultimately delivering more treatments to more patients faster."
Coronado was supported by Invest Newcastle, part of NGI's inward investment team, in its decision to set up in the city. The body says it will continue to help the firm as it expands its team and establishes local partnerships.
Newcastle City Council’s cabinet member for economy, jobs and skills, Coun Dan Greenhough, said: “We are thrilled to welcome Coronado Research to Newcastle. Their decision to invest here highlights the strength of our talented workforce, cutting-edge research institutions, and dynamic health and life sciences sector. On behalf of the city, we wish Coronado every success and look forward to supporting their growth.”
Hamish Rutherford, CEO of floe, which operates The Stamp Exchange office spaces, added: "We’re delighted to welcome Coronado Research to The Stamp Exchange. At floe, our mission is to connect scaling businesses across the North East with the resources and environments they need to thrive. The Stamp Exchange, as the North East Chamber of Commerce’s Newcastle hub, offers a unique opportunity to connect with a vast network of businesses, fostering collaboration and innovation that drives regional growth. We’re excited to support Coronado’s journey as they settle into the region and scale their impactful work."
